Both parents are deceased. Property was left to the four of us Mom died 9 years ago. We just sold last year. What taxes do I pay?
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Both parents are deceased. Property was left to the four of us Mom died 9 years ago. We just sold last year. What taxes do I pay?
You need to get an appraisal of the property at the time of your Mom's death. That becomes the tax basis. Anything over that amount is considered your profit and is taxable.
We did not get parents house appraised after dealth. Just sold it last year. Can I use information from the Nash Cnty Tax Dept on the value of the house in 1998 which is the year Mom died?
Agreed.
Probably not. A tax assessment appraisal is probably not a true market value appraisal.
{Note: I merged the 2 threads, please don't start a new thread for the same issue-<>}
I agree that a tax appraisal estimate is NOT the best way to go, though it may be the only one available.
Contact a real estate company who was in business back then; they could probably give you a decent appraised value.
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